Do you know if your company needs contract compliance services? They can help recover your money. PKF Texas Contract Compliance Manager Carlos Gomez is back in this episode of PKF Texas – The Entrepreneur’s Playbook®, sharing how to determine if you need to pursue contract compliance services.
Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski and I’m back once again with Carlos Gomez, a Contract Compliance Services manager, and one of our Approachable Advisors™ here at PKF Texas. Carlos, welcome back to the Playbook.
Carlos: Thanks, Jen.
Jen: So, contract compliance services. Can you share what exactly that is and who needs those services?
Carlos: Yeah. Pretty much any company that deals with large agreements that impact their revenue line or a big impact in the expense line. We deal with a lot of licensors – people who license out intellectual property copyrights, trademarks, you know, in the entertainment industry, whether it’s film, music or book licensing.
And then as well, franchisors. We help a lot of franchisors to set up their internal controls properly in order to make sure their franchisees are reporting accurately and they’re maintaining quality control over their brand in the marketplace.
Jen: So, how would a company know that they need our services?
Carlos: Sometimes they won’t always know.
Carlos: If they have a big enough legal team, they can help understand and be ready and be prepared and knowing that they’re in that certain industry. But sometimes it may be a startup and not quite ready and not sure to know, but luckily, you have great videos like this; they can educate people and we can reach out.
But anytime that you are receiving revenue from a company outside of your control and it’s dependent upon a contract, or you have expenses that go out that are dependent upon the terms of the contract – not necessarily GAAP – that’s when you really should look out for us and find people to help see where they can save you money or recover your money.
Jen: Perfect. Well, we’ll get you back here to talk a little bit more about that in the future. Sound good?
Carlos: Yes, ma’am.
Jen: For more information about this topic and others, visit PKFTexas.com/Insights. This has been another thought leadership production brought to you by PKF Texas – The Entrepreneur’s Playbook®. Tune in next week for another chapter.